We are updating the terms and conditions for all cards as a result of new EU legislation regarding currency exchange and changes at Mastercard, among other things. The purpose is to make it easier for those who use our cards to compare currency exchange fees.
There will be no changes for you as a customer, and it does not affect the price of a currency exchange, but you will be able to review the costs in parallel with the European Central Bank's exchange rates with the help of a new currency exchange tool.
On April 19, 2020, new EU legislation will take effect. It should make it easier for those who use cards to compare different companies' currency exchange fees when you trade or withdraw money within the EU or EEA. All companies offering currency exchange must show their foreign currency exchange fees in relation to the exchange rate calculated daily by the European Central Bank.
Another change that affects currency exchange is the time (day) the exchange rate is set when making a purchase with a Mastercard card. Today, the exchange rate is determined on the day the purchase is processed, usually the day after you complete your purchase. As of June 2020, the exchange rate will, in most cases, be determined on the day of purchase. This means that it will be easier for you to know what the exchange rate and the currency exchange fees actually are.
The new terms and conditions can be found under the "Prices and Terms" page. From April 19, 2020, you will also find the tool that provides information on currency exchange fees in relation to the European Central Bank's exchange rates on the same page.